Bitcoin Drops Below $50K, Support Between $43K-$45K
Buying activity remains weak, which reduces the chance of a significant price increase into January.
Updated May 11, 2023 at 5:15 p.m. UTC
![Bitcoin four-hour price chart shows support/resistance levels with RSI in second panel (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/O5C3nrNigIhSDhcsHkkbYqBdC6M=/567x425/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WCRCQOUTTZC3ZLPESMAI4QPOJY.png)
Bitcoin (BTC) continued to struggle below the $50,000 resistance level on Thursday.
The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.
The cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the current pullback.
BTC buying activity remains weak despite several oversold signals on the charts. This reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts.